Housing regulator for Maharashtra by year-end

The quasi judicial body will safe guard home buyers interest

geetanjali

Geetanjali Minhas | November 23, 2015


#Housing regulator   #Maharashtra   #home buyers   #Mumbai  

Maharashtra will soon have a housing regulatory authority. Chief Minister Devendra Fadnavis has said that the housing regulator would be established within a month. The housing regulator will be a quasi-judicial body with powers to safeguard the interests of home buyers and resolve disputes relating to the housing sector.

The Maharashtra Housing (Regulation & Development) Act, 2012, was passed two years ago and the Presidential assent came in 2014. However, the state could not set up the Authority as the Centre's real estate Bill is still pending in the Rajya Sabha.

But keeping in view Mumbai’s housing needs which are different from the rest of the country, the state government convinced the centre on the establishment of a state authority. “The government also successfully argued that the state's provisions were better than the proposed central law. The Centre has accepted the state's submission and given its nod for the establishment of the Authority” a government official said.

Under the authority, it will be mandatory for developers to disclose the property title, layout and completion plans to buyers. The project details will have to be registered with the authority and will be displayed on its website. The promoters will have to apply to the regulator for the registration of every project to be constructed on a separate plot.

The authority provides for disqualification and cancellation of registrations of projects. Before cancellation of registration, the regulator will issue notice to the promoter, who should respond within seven days. This apart the authority can impose a fine of up to Rs one crore and prison terms up to three years.

Buyers of a stalled project can form a legal entity and assume control of the construction process.

Comments

 

Other News

The training advantage

It’s a sultry March afternoon and students at a municipal school in Santacruz East are engrossed in their lecture. It’s 4 pm already but the training session in the mobile repairing course is in full swing. Twenty-four boys and four girls of class IX are in the last leg of their course before t

App aid for healthcare

Courier services and sales teams have soared into efficiency using smartphone apps to monitor deliveries, visits, timeliness and performance. Taking a leaf from their book, Gujarat is equipping accredited social health activists (ASHAs) and midwives with smartphones and an app to bring down infant and ma

Government divests 12% stakes in RITES; IPO opens on June 20

The railway infrastructure consulting PSU, RITES Limited is coming up with its IPO on June 20, 2018, as the government of India is selling its 24 million equity shares (12%) stake in the Mini Ratna PSU. As an initial public offering 25,200,000 equity shares are offered in which employee reservation portion

“This initiative is for future generations”

Speaking to Governance Now, Gujarat chief minister Vijay Rupani elaborates on the Sujalam Sufalam scheme to rejuvenate talavdis and desilt reservoirs and lakes. He also speaks on water, politics, and cons

Water by the pondful

It’s 10 am and in Dhandhuka town of Ahmedabad district, the sun is already scorching. A dry lake, which was desilted and deepened a few weeks back, has been turned into a venue for a fete. Shamianas have been erected, women in bright sarees and men and children in their best clothes flock the venue,

Thugs of Hindustan

This story may sound apocryphal but it was recounted by LK Advani in one of his casual conversations. Talking about Morarji Desai, he said that despite his idiosyncrasies, he was a man of impeccable integrity. To buttress his point Advani recalled this incident: After the Janata Party formed the government

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter